Credo Technology Group (NASDAQ:CRDO) Sees Large Volume Increase Following Analyst Upgrade

Shares of Credo Technology Group Holding Ltd (NASDAQ:CRDO) saw strong trading volume on Monday after Stifel Nicolaus raised their price target on the stock from $75.00 to $80.00. Stifel Nicolaus currently has a buy rating on the stock. 1,137,681 shares were traded during mid-day trading, a decline of 45% from the previous session’s volume of 2,071,305 shares.The stock last traded at $77.61 and had previously closed at $72.39.

Other equities analysts have also issued reports about the stock. Barclays lifted their price target on shares of Credo Technology Group from $32.00 to $80.00 and gave the stock an “overweight” rating in a report on Tuesday, December 3rd. Roth Mkm upped their target price on Credo Technology Group from $35.00 to $45.00 and gave the company a “buy” rating in a research report on Tuesday, October 22nd. Craig Hallum raised their price target on Credo Technology Group from $38.00 to $75.00 and gave the stock a “buy” rating in a report on Tuesday, December 3rd. Needham & Company LLC boosted their price target on Credo Technology Group from $43.00 to $70.00 and gave the stock a “buy” rating in a research note on Tuesday, December 3rd. Finally, The Goldman Sachs Group lifted their target price on shares of Credo Technology Group from $31.00 to $65.00 and gave the stock a “buy” rating in a research note on Wednesday, December 4th. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $69.10.

Insider Transactions at Credo Technology Group

In related news, CEO William Joseph Brennan sold 143,880 shares of the firm’s stock in a transaction dated Thursday, December 5th. The stock was sold at an average price of $67.65, for a total transaction of $9,733,482.00. Following the sale, the chief executive officer now directly owns 2,370,858 shares of the company’s stock, valued at $160,388,543.70. This trade represents a 5.72 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Lip Bu Tan sold 125,000 shares of the business’s stock in a transaction that occurred on Wednesday, October 9th. The shares were sold at an average price of $35.18, for a total value of $4,397,500.00. Following the completion of the transaction, the director now directly owns 1,988,725 shares of the company’s stock, valued at $69,963,345.50. The trade was a 5.91 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 910,295 shares of company stock worth $48,547,173 over the last 90 days. 16.04% of the stock is currently owned by company insiders.

Institutional Trading of Credo Technology Group

Institutional investors and hedge funds have recently modified their holdings of the stock. Assetmark Inc. raised its stake in Credo Technology Group by 5.4% in the 3rd quarter. Assetmark Inc. now owns 4,978 shares of the company’s stock valued at $153,000 after purchasing an additional 257 shares during the last quarter. GAMMA Investing LLC grew its holdings in shares of Credo Technology Group by 56.3% during the fourth quarter. GAMMA Investing LLC now owns 974 shares of the company’s stock worth $65,000 after buying an additional 351 shares in the last quarter. Advisors Asset Management Inc. raised its position in shares of Credo Technology Group by 11.3% in the third quarter. Advisors Asset Management Inc. now owns 4,722 shares of the company’s stock valued at $145,000 after buying an additional 478 shares during the last quarter. US Bancorp DE lifted its stake in shares of Credo Technology Group by 4.2% in the third quarter. US Bancorp DE now owns 16,210 shares of the company’s stock worth $499,000 after buying an additional 649 shares in the last quarter. Finally, PDT Partners LLC raised its holdings in Credo Technology Group by 0.7% in the 3rd quarter. PDT Partners LLC now owns 88,720 shares of the company’s stock valued at $2,733,000 after acquiring an additional 652 shares during the last quarter. Hedge funds and other institutional investors own 80.46% of the company’s stock.

Credo Technology Group Stock Performance

The stock’s 50 day simple moving average is $56.48 and its two-hundred day simple moving average is $39.98. The firm has a market capitalization of $12.83 billion, a PE ratio of -511.33 and a beta of 2.26.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.